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MESA PENSION TRUST ELECTION TO RECEIVE LUMP SUM ACTUARIAL EQUIVALENT OF PENSION BENEFIT SECTION 1: Basic Data NAME: SSN: XXXIX DATE OF BIRTH: MARITAL STATUS SECTION 2: Lump Sum Distribution Election

How to fill out lump sum election

How to fill out lump sum election:

1. Gather necessary information: Before filling out a lump sum election form, it is important to have all the relevant information at hand. This includes your personal details, such as name, address, social security number, and contact information.
2. Understand the purpose of the lump sum election: A lump sum election allows you to receive a one-time payment from a retirement plan, rather than receiving regular monthly payments. It is important to understand the implications of this decision and how it may impact your financial situation.
3. Consult with a financial advisor: If you are unsure about whether a lump sum election is the right choice for you, it is recommended to seek the advice of a financial advisor. They can help you understand the potential benefits and drawbacks of taking a lump sum payment.
4. Obtain the lump sum election form: Contact your retirement plan administrator or employer to obtain the necessary lump sum election form. They will provide you with the specific document that needs to be filled out.
5. Complete the form accurately: Fill out the form carefully, ensuring that all the required fields are completed accurately. Double-check your personal details, as any errors could lead to delays or complications in processing your request.
6. Review the terms and conditions: Read through the terms and conditions outlined on the form to understand the implications of choosing a lump sum payment. This may include any tax consequences or potential penalties.
7. Submit the completed form: Once you have filled out the lump sum election form, submit it to the designated authority. This may be your employer or retirement plan administrator. Follow any additional instructions provided for submitting the form, such as attaching supporting documents or mailing it to a specific address.

Who needs a lump sum election:

1. Employees nearing retirement: Individuals who are approaching retirement age and have accrued a significant amount of funds in their retirement plan may consider a lump sum election. This option allows them to receive a larger one-time payment, which can be beneficial for various financial planning purposes.
2. Individuals with immediate financial needs: Some individuals may urgently require a large sum of money for pressing financial matters, such as paying off debts, covering medical expenses, or making a major purchase. In such cases, a lump sum election can provide the necessary funds.
3. Those seeking investment opportunities: Some individuals may prefer to have control over their retirement funds and invest them in other assets or opportunities. By choosing a lump sum election, they can allocate the funds according to their own investment strategy.
4. Individuals with a shorter life expectancy: For individuals with health issues or a shorter life expectancy, receiving a lump sum payment may be more advantageous. They can use the funds in a way that best suits their circumstances, without worrying about the longevity of monthly payments.
5. Those looking to leave a legacy: By opting for a lump sum election, individuals have the flexibility to use the funds for estate planning purposes or to leave a larger inheritance for their loved ones.

Note: It is important to thoroughly evaluate your personal financial situation and consult with professionals before making any decisions regarding a lump sum election.

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